When buying real estate property, you should not assume that property taxes will remain the same. Whenever there is a change in ownership, the assessed value of the property may reset to full market value, which could result in higher property taxes. Please use our Tax Estimator to approximate your new property taxes.

The Property Appraiser does not send tax bills and does not set or collect taxes. Please visit the Tax Collector's website directly for additional information.

Property Value Changes

Property Value Resources

If Market Value went down, but Assessed Value increased

This is likely the result of the Recapture Rule. The assessed value of homesteaded properties is limited to 3% increases. In many instances, this causes a difference in the market and assessed values. Where these differences are present, Florida law requires that the assessed value be increased by 3% or the Consumer Price Index (CPI), whichever is lower.

For 2010 the re-assessment was 2.7%. As market values have increased over the years, the assessments of homesteaded properties were locked in to this maximum increase of 3%, creating significant tax savings for homesteaded properties. In the current real estate market, most property values have declined.

Why Assessed Value increases

All properties are required by State law to be valued at market value.

For properties without a homestead exemption, the assessed value is the same as the market value.

For properties with a homestead exemption that is two years or older, the assessed value increase is limited to 3% a year.

If you add a new owner to your property and the new owner files for Homestead Exemption on your property, the new law now requires the Property Appraiser to remove the assessment limitation even if the original owner still qualifies for the original Homestead Exemption.

What this means to a homeowner is often substantially higher taxes. There are, however, exceptions to this rule, such as addition of a husband or wife.

Before you make changes to the ownership of your property, we recommend getting advice from your lawyer.

Tangible Personal Property

An increase in the assessment is typically due to acquisitions made during the prior year. January 1st is our assessment date each year. Since last year's assessment was as of January 1st, if there were acquisitions during the previous year, they would now be assessed as of January 1st, of current year, and may result in an increase. The assessment also may increase due to an audit or an inspection by one of our field evaluators.

Comparable assessments are not a basis to reduce the value of a property

If your property is a residential property, the differences among the assessments of similar properties may be significant depending on if and when owners received the homestead exemption.

Neighbor's Assessed Value may be lower

There are a number of reasons that could result in your assessed value being higher than your neighbor's. For example:

Your neighbor homestead exemption is older than yours and the values are locked in at lower amounts

Additions, renovations, or extra features are on your home but not your neighbors

Your property does not have homestead but your neighbor's does

Why Assessed Value decreases

Real Property

Demolitions, hurricane damage, and value reductions may be the cause for the reduction of your assessed value.

Tangible Personal Property

Typically, if you have approximately the same assets as last year, the assessment would drop due to depreciation.

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